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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  July 30, 2018 3:00pm-4:01pm EDT

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trish: i'm filling in for my new friend, neil cavuto. i hope you join me at 4:00 p.m. in the meantime, the stock is up hundred points and liz is taking you to the quarter. liz: breaking news did you hear, seems like a president just leaked the details we were all waiting for last week when it comes to what brought about the european union regarding trade tensions. just minutes ago right there with the prime minister of italy the president revealed that europe will quote, pay, to build around a dozen liquid natural gas terminals so 28 nations can purchase more gas from the us. we knew they would purchase more gas but he said they will pay for the terminal which they do definitely need. they don't want them buying gas from russia or liberal and we'll see what happens. it's moving natural gas at this
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hour. blake berman's life white house with the recap and ed will join us to tell us how the trump trade plan may be starting to hurt consumers and maybe we might see job losses and will that shift the narrative. plus, america's farmers caught in the trump trade pinch of those providers of locally grown food passing on the cost to america's favorite restaurants? one of the many questions were about to ask the ceo of aaa, brian nickleby he's only doing one interview with any network and he will join us in a box is this exclusive on his chains piping hot stock to the next dishes he plans to deliver. we will ask him about the superhot queso cheese, love it or hate it, it's delivered on wall street the tech consumer drives the market and look at the nasdaq. is having it's worth session down 94 points and looking at another earnings week that
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starts with losses. charlie gets perino on how cbs and the chairman and ceo, les moonves, are now in a battle for survival. charlie about to break it. were less than an hour to the closing bell. let's start the countdown. we should punch up ge stock credits topping about a present right now on breaking news that according to the wall street journal ge is not ready to put it digital assets on the block. another chunk of this company been sold off. the stock is trading higher after the journal reports the industrial giant delegate specifically for a buyer for some of the key parts of its digital business, all part of the company's broader unwinding initiative. it's a $13.18 and remember the 52 week high and forget about the five year high, 52 week i was $25 so still a long way to go. broader markets here. it comes back to the technology
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sector taking it on the chin again pulling the rest of the market down with it. this net nasdaq is really down more than 1% and that is a hit of about 90 points and some of his of technology names sitting firmly in the red at this hour and the only major average in the green right now, the dow jones transport. it's only a nine-point gave it american express and will get to that but it's on the fire and the stock is taken hit after the journal reported that the credit card giant raised currency conversion rates for its business clients but without warning. normally they flagged their business points there about to do this but they did not so the stock is down to a half%. look, they did as part of the effort to boost revenue and employ commissions but the practice data back as far as to them for at least less the business customers know and comedy spokesperson said mx will be conducting a thorough reviewn and it's the currently second worst performer on the dow along
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with visa which is feeling the heat from the amex news. need to look at caterpillar. trading higher after reporting stellar earnings and raising its forecast outlook and this was the stock that was supposed to be totally hammered in the wake of the chinese trade tensions. right now caterpillar is flat and trading volume 10.6 million shares but this is helping to ease investor fears about the impact of the global trade war on the industrial giant. however, the ceo said on the, while the quote, we urge government leaders to take action to remove uncertainty with regards to trade. we will see if government leaders read president trump and president she's caterpillar's advice. let's get to that national gases. president trump is part of his discussion in front of the press with the prime minister of italy really got into discussing what
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is going on with the natural gas and we knew last week that part of the breakthrough that came with the european union would agree upon more natural gas here in the us and that would be liquefied natural gas. president trump doubling down on calls to shut down the government overboard while funding saying he quote - this is after president trump wrapped up the joint news conference at the white house with the prime minister of italy, le ♪ guiseppe conte. foxbusiness blake berman was there in the room with the leaders. a couple of issues to unpeeled here, blake but the natural gas was interesting. last week we were so thirsty for details on what might happen and what brought us to this breakthrough but now he says that the european union that will pay to have lng terminal . reporter: a lot of questions here.
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in fact, as i was rushing to the camera i said my producer, can you go inside the white house and ask questions on this. [laughter] i assure you i will when i get off there because the president made this comment is not necessarily on the side but it's the last thing he said in the press conference with the italian prime minister, guiseppe conte, that the eu would be building more ports in that region of the world for lng exports from the united states. there's been few details about this agreement or at least working toward an agreement that was announced in the rose garden yesterday and appears and maybe this could be one of those agreements. like i said, we are asking crashes. a lot of headlines that came out that among them the president also is doubling down on his tweet from over the weekend in which he said he would back the government shutdown and at least the president endorsing a government shutdown with the potential of one, october should he not get his wishes on immigration.
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here he was a little while ago. >> i would be willing to consider a shutdown if we don't get proper border security. reporter: then there was a question of how much leaders with the leaders of iran the president was already set down with kim jung-un, the leader of north korea and most recently the leader of russia, vladimir putin, seem to be more than willing to sit down and talk with him and others. >> no preconditions. they want to meet ami and anytime they want. anytime they want. reporter: the president said if he were to sit down with the iranian leaders who do so now from a position of strength but not from a position of weakness but up position of when you're talking about life and death potential issues of war, as well, it's best to sit down and talk. liz. liz: our crack team, foxbusiness producers rush to get exactly
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what we needed. blake, let's listen to specifically what president trump said about liquid natural gas and buying it here from the states for the european union. >> as far as a pipeline is concerned, i like to see a competing pipeline so mr. prime minister, i hope you will do that competing pipeline. we are already talking to the european union about building anywhere from nine-11 ports which will they pay for so that we can ship our lng over to various parts of europe and that will be more competition. liz: blake, what is so interesting is you can see the picture of natural gas and you see the depth that it took her there is meddling around and higher than where we started the day but natural gas is coming off the high and it's about up half a percent and i want to point out that it was our oil expert in chicago who said last week really important to note that you can talk all you want
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about financial gas but they need more terminals. sure enough, at least of the president is correct on this they will be committed to building more terminals. reporter: you have to wonder where exactly those it be. when you talk about the european union is a group of country and some of which are on the water some of which are clearly not so where might be the nine-11 ports go - again, will start asking questions. liz: this is great and build your in front of the camera right now. what you think about this. we had not heard the real granularity of what was struck as far as deals with concern with the european union last week when he stood there with john claude unger, head of the european commission, what you make of this news? >> obviously, at some point they will have to build these points if they'll be a major importer of us lng and that was one of the criticisms that president
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trump got after that statement that was like great, that's a wonderful goal but it will not happen overnight. if there is a commitment by europe to start building these plants and import more lng that will send a strong signal to the soviet union and make a lot of sense. the bottom line is if europe has been too dependent on russia for its natural gas supply and we know from the past the natural gas has been used as a weapon by russia against countries in the european region and cut off supply when they don't like these are happening. from a strategic and economic viewpoint these make great sense for the eu and makes great sense for the us energy industry that is now going to be the world's biggest producer of natural gas and will continue to be so. liz: that is the company that exports most of the lng that we have here and i want to bring in
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- who do we have? oh, scott is now on let's bring you into the discussion. the market today that looks pretty ugly and we blame facebook and what happened last week and we had a great calendar ahead of us. not to mention the federal reserve goes behind closed doors tomorrow for a two-day meeting and here is the calendar. lots of earnings. cbs, on thursday we of the countries in their but charlie is working the phones and the scott, you take it first. >> you said. last week it started when facebook messed and surprised and you had netflix and then on the amazon good news they sold it. tech has lost momentum and went from the darlings to behaving like sunday's slobs. this particular point the nasdaq is that the this day moving average, today's low, closer to
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the end of this tech correction or is this the beginning? tomorrow, apple, will be important because its growth and value, not just growth, so if it is good news you have to continue to buy it and if it's bad news you'll have to also buy it not just sell it like they were selling anything. liz: i'm not one to take a day or two together but you have three days of the nasdaq that now bring an unattractive picture for the moment and facebook is encryption territory but are more interested looking at what the feds will do. we know they will not know what this time around and the announcement comes on say and there's a 97% chance we lose liberates exactly where they are. in september where we see a much bigger potential and read about one and three quarters-2% so there is that in the ten year yield and the 2.97% and we saw print of 2.8% and these interest rates are going up.
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>> that's affected it will happen in september and they been measured in their pay and do it each and every quarter and that looks like it will be the plan from here now. if you look at the features pressure to rates that we have over my shoulder they are stalling. the rates are completely flat. let's go to facebook and let's talk about facebook. their growth will slow and that they still made $7 billion for the quarter so not ready to say it's over for facebook or tech policing these ebbs and flows with the money flows come out of that sector but they always seem to come back. this summer search has been strong and what i'm paying attention to is the sideways act was seen in the euro currency. for three weeks has been completely sideways of the dollar has not made new highs. that's a positive sign and also between 12 and 13 it's been going nowhere fast. let's see what breakout happen next and that will dictate where the market is going from there. liz: morgan stanley does prepare
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for a big fella. always, well. >> always be prepared. liz: exactly. like the boys got great, great to see you. thank you so much. remaking the mexican grill. the closing bell ringing is 46 minutes and the dow is down about 107, one man racing to get a problematic monkey off his companies back. is the ceo of aaa trying to put foodborne illness scares behind the best food chain. nothing has scared me off, i'll eat anything. the aim to remake the brand we got the exclusive interview with the ceo, brian nicole. yeah, the new guy. that's straightahead and will talk about what he's doing and by the way, which use the the stock performance since he took over. remember when commerce secretary said president trump's tariffs would not hurt consumers? be ready to put that on the show
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and we have raymond james washington policy analyst and his name is ann mills and he spent on the show and has real fresh insight when the countdown comes back. my father passed this truck down to me,
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>> i just bought a can of
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campbell soup at the 7-11 is a dollar 99 cents but again. there's about 3 cents worth of template steel in the scan so if it goes up 25% that is a tiny fraction of 1 penny. that is not a noticeable thing. liz: not noticeable. march 2nd the day after president rob announced deal in aluminum tariffs, secretary appeared on foxbusiness and held up the can of soup and richard americans that prices would only go up actually. fast forward to today and manufactures from coca-cola, to polaris, to caterpillar they are all raising prices is the cost of raw materials, steel and aluminum, used to make an package the product rises. raymond james policy and let's get the actual price movement here year to date the crisis
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have vaulted 33% and aluminum is up 37% and is commerce secretary ross still right that the price increases passed on to consumers is still negligible? >> were starting to see the impact of the consumer and i do thank you look at this and say when i go to the supermarket i don't see a big change yet but were always reminded that all politics is local and so when we get to the midterm election china knows exactly where the trump voters are and with their retaliatory tariffs they are targeting the areas that are most likely to have voted for president trump. liz: help us understand how this all comes around personal corporate president trump's real interest in the beginning was to make sure that the us steel industry, not only was surviving because it was kind of hanging by a thread but driving and we started to see us steel and other steel companies reopening
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mothball plants and hiring still workers and last week we had just at one of the rallies and they were so grateful of who is not grateful and who is not happy about this and do those interested in people who are the steel of aluminum and find the contracting for their voices be louder than the steelworkers voices and would there be more of them to say wait, it's not working as we anticipated? >> no, a lot of this comes down to the beta style versus substance. ultimately, there are more consumers than there are still workers but there's also a lot of workers who are in plants and in manufacturing that use this but you mentioned rvs and looking at different atvs and continental [inaudible] in missouri having a layoff individuals because their input costs are no longer producing a product that is competitive. i think ultimately the news here is work is still flooding the zone and there's a big debate if
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you take a step back i think people say hey, if trump is fighting for this that puts me in team america but if i'm not with him i don't want to be on team china so politically he still has the upper hand here but if consumers start paying more every time they go to the grocery store or every time they make a new person that's when the politics should start to change. liz: but can't he just lean on the gdp growth which is on a very strong trajectory you can look at the economy and say you got more money and things are doing and certainly looking better but then you have as you said china knowing states i'm imagining it's wisconsin if ohio and michigan to make sure that - >> and kentucky were the senate majority leader is. you are absolutely right. this is exactly the reason why he's doing this now and when you talk to folks within the trump administration they say if we really wanted to have the site,
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when else would we do this? are doing this because the economy has really strong indicators and i think the market is starting this off so far because they look at the midterm election as an end date to a lot of this and ultimately looking for a solution or at least an announcement of a breakthrough by november the one you mentioned the mail company and they are laying people off and maybe that's the to be point when you start to see more layoffs. it was interesting because he went after the chinese market maker but then as soon as that smart phone maker started to complain that were losing the jobs of president trump and remember that we he put out where he said that he had spoken to president she and this was extraordinarily important and is there a way to get back to many jobs in china lost was what he tweeted and what if we start to
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see too many jobs in america lost? >> it's fascinating that you bring up dt. last amazon i said ziti either sanctions would be lifted and there would be a deal there and that absolutely happened. however, what the investment community looks at is even after the sanctions were lifted and congress decided not to reimpose those actions china decided to give a non- approval to a megadeal in the semiconductor space so a lot of folks are saying what did trump get here? that's the bigger political problem for him. he gave up something big so that chinese and we do not see a chinese response so were looking at potentially for an escalation at this trade war with china where tech could be next and where somewhat running out of money and we could put tariffs on. were looking at potential investment resections between us companies and trained families on what tech investments that they can have that's my biggest concern. liz: at, will have you back. there may be a longer endgame
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and were watching for. and mills, raymond james. closing bell ringing in 36 minutes. look where it stands. leading the dow 30 active european medicine agency recommended approval of lung cancer treatment. of next, attack tighten facing its own set of problems with facebook and mike zuckerberg how to solve these problems. that's next. wrong. your insurance company is gonna raise your rate after the other car got a scratch so small you coulda fixed it with a pen. maybe you should take that pen and use it to sign up with a different insurance company. for drivers with accident forgiveness liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty ♪
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liz: you can see from the nasdaq the tech investors are still shuddering from these aftershocks of last week's disastrous post earnings meltdowns. it started with facebook which suffered its largest one-day drop in the history. see the fall? that was the setting of $119 billion in value of the stock. shares are down another 3% and at this crisis the media giant now officially in bear market territory, down 22% from its
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july 205th high of about $217 worth $170 now. not to be out on by facebook but twitter shares also experienced their worst single day percentage drop in four years but with you should be asking what is the surefire solution to the biggest problems plaguing the tech world right now? if companies will tackle them should you dump their stocks? mobile nation senior editor russell holly covers the technology industry extensively through a whole bunch of different websites, everything from - i love these companies. you are the guy we figured knows what is going on. i want to tackle these one at a time. we have a lot of facebook investors who watch the show. what do they need to do? we know the problem. the problem of holding on to privacy and promising the users it will cost more than inspect
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inspected. >> yeah, the biggest thing facebook needs to do is have an action plan and actually act on it. the base challenge with has a far with facebook is a whole lot of apology but very little in the way of progress for subs for. we keep hearing about how the tackle things like big news in the future but the sites that are often working on facebook are still up and doing the things so as not been a lot in the way of tangible change. since the beginning of the year. liz: you written a piece back in april calling mark zuckerberg and awkward ceo or i'm deathly awkward so i take offense at that but with the inability to take response ability for his actions. he testified before congress and he also came out and said there would not be a meaningful problem with the stock. that's not were not to be true. what is the number one thing this company needs to do now specifically or of some of our viewers may say i'm done with the stock for now?
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>> the number one thing here is to show their users are safe. to give us figures for the kind of information that has been shared and how the information is being shared with the actual audience. right now facebook operates for the most engaging thing that happens on the site is what get floated. whether true or false or interesting or not, it has activity gets put into the topic that's not safe, as if he demonstrated over the last couple of years. addressing an actual plan to pick that should be number one. liz: twitter has the complete opposite issue. it is writing to try and clean up its site by getting rid of big accounts and that slammed his numbers so as far as i'm concerned i appreciate what twitter is doing but maybe investors didn't. >> twitter is a victim of its own lack of medication which is ironic given they are at mitigation of any. it's a site or service that has never really reported on how many of the users weren't really
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real users. we hear about but accounts doing things on twitter and resolve the purges this was an example of that reporting never really sketching up to the real users run the site at any one time. getting that information once were the accounts were moved was a shock. twitter's big focus moving forward will be showing that the tools they put in place and we can use these happier and more and that will pick things in the future. liz: you got your own name for twitter. i hope our viewers follow both of us. apple numbers are out tomorrow after the bell. we will have you back russell, thank you so much. >> thank you for having me. liz: chipotle smoking hot, with the closing bell ringing in 27 minutes i want to show you the start. shares of chipotle flying higher since february. what happened? that's in the company announced
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a new guy was coming in, the former taco bell ceo would be taking over. the leader of the fast casual mexican chain is brian nickel and join us to spill the special sauce he uses to build up the chipotle brand. next. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.
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liz: breaking foxbusiness news alert. tomorrow is national avocado david avocados have again a huge business from everything from whole foods to chipotle went from one restaurant in denver to about 2460 plus today. the road to national fast casual session went from spicy growth to massively problematic after
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chipotle was hit with food contamination scandal which led to management of people. under new ceo they took the reins in march after leading taco bell chipotle just beat wall street estimates thanks to new ideas from happy hours to new members menus like quesadillas and tostadas. what's ahead on his roadmap to bring chipotle back to popularity? brian niccol during the flight from irvine, california pretty good to see you, brian. >> thank you for having me. liz: investors show more confidence in you that i personally have covered businesses for a long time and i've seen with an a company investors were believers before you grab the reins the stock is up more than 80% since the announcement you are coming but what was the first thing you did, you tackle, when you got there to keep that momentum going? >> we have over 70000 place that run all our restaurants and the
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first place i wanted to make sure i spent time is getting into the restaurants to understand the process for how we end up with delicious food and real ingredients that briefly, make people love the brand love the mission. liz: closing stores, i know you tackle that any open new ones but that never was the biggest problem. it was that ensuring food safety. this problem goes back to 2015 yet, it is seemingly still hanging objectstore traffic is still slightly negative and how do you shove that reputational hit the company took all the way in the rearview mirror? >> look, we have to get back to the roots of why people love to play and its food with integrity and classic cooking techniques and delicious food and experiences that will want to come back. that's what we need to remind people. much more visible, both experience in and the maybe
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communicative and you will see us continue to do that. were increasing our mitigation around our purpose which is cultivating a better world and clearly communicating these ingredients are fresh, cooked with classic cooking techniques and you end up with a delicious experience. it will take time and take delivering on those experiences but very optimistic about the message we have in the product we provide. liz: let's talk about one of the products that - who knew liquid cheese could propel sales but the case though, i'm holding some of this and we have to hide it because i wanted to steal it but this was rolled out before he got there last year and yet when you heard complaints about it you worked with customers to tweak it and change the taste - >> yes, were on a mission constantly figure out how we can continue to make our core products taste even better and queso is an example of that.
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there's been a couple of versions and were continuing to work on how we can make a better from where it is today. it goes great with a burrito, bowl, you know, i personally loving dipping chips in it. liz: spicy spirit yeah, a litt little. [laughter] look, our goal is to make the queso as famous as the guacamole that tabouli has been known for. liz: speaking of guacamole, where are you sourcing your avocados from? on top of everything else in the us government renegotiating nafta and how much of your photos is still source for mexico and are you shifting or modeling for a more projected battle with mexico if the nafta techs gone longer? >> we moved our production between the united states of mexico based on the growing season. we want to have the freshest avocados in our restaurants and recently we hand mash it every day so we move where the season is best and obviously, we will continue to maneuver with whatever environment we have to
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deal with. liz: how important, how important is nafta to japan chipotle right now? >> what we have found is supply is critically important and obviously how the trade gets set up will dictate the spices they go into our cost and were always trying to figure out how to best manage that for our customers and to protect the integrity of the high-quality food we provide obviously, will pay attention to what happens the first focus is getting the right avocados so we end up with the best tasting guacamole. liz: will you absorb the cost? things get more extensive and i know you sit on the board with hardly davidson and how do you view the current tension between the policies and the tariffs? >> in our business and anybody's business you want to be aware of
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what situations are happening so you are informed as you make decisions going forward. that will be our goal. how much of that we have to absorb versus what we pass through will be dictated by how we understand our consumer, as well as understand where things are moving in our supply chain. it's an ongoing dynamic thing. it never is one of those things but a constant. will become silly in front of it and figure out the best way to get to the right result for a business and customers. liz: and most important our viewers want to no, free guacamole tomorrow but there's a catch? you to go online or how do you get free guacamole from local chipotle? >> well, yeah, i think i mentioned earlier and or other prior medications are digital business, our mobile business has been going to medically and more and more the way people want to access chipotle and so tomorrow using our digital app or website you can make in order and as part of the order you get
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free guacamole. it's national avocado day. what better way to celebrate than free guacamole? liz: i'm calling out sick and perky myself outside. brian, thank you. >> thank you. great speaking with you. liz: great news. today it's a little flat but brian niccol trying to really push chipotle forward. right now were at session lows and the dhows are down under 49 points, we'll be right back, don't go away. ♪ go your own way copd tries to say, "go this way." i say, "i'll go my own way, with anoro." ♪ go your own way once-daily anoro contains two medicines called bronchodilators that work together to significantly improve lung function all day and all night. anoro is not for asthma. it contains a type of medicine that increases risk of death in people with asthma. the risk is unknown in copd.
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the new sleep number 360 smart bed, from $999. smarter sleep will change your life. liz: breaking news. cbs stock is tumbling with another 5% as the board meets right now it this moment in california while it decides the fate of the head honcho, les moonves. charlie is here for the latest.
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reporter: we are here in this board meeting and going into extra innings, as they decide what to do with les moonves following the explosive article in the new yorker. there was rumor before that that was coming and it clearly delivered what you would expect it which was an existential threat to les moonves future running cbs. what we did reporting over the weekend people who know people in the board were plugged into the company in his future clearly is in doubt. we should point out that the meeting is going on now and it started at about 9:30 specific time which is 12:30 our time . liz: former secretary of state - >> yeah, on the board. it's going and we do know that it's likely that we were even
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told that were planning to do a state and is not written in stone but were planning a statement when this was over that says where the investigation because they have launched an internal education and whether les moonves - right now the question is whether he suspended during the investigation or he stays on or does they blow them out. let's be real clear i know less not that well but i have no animus and i don't nothing is because i don't like them but what he admitted to doing an article is pretty bad . liz: in a statement the author. >> think about that. women aren't saying he basically sexually abuse them . liz: harass him, came onto them.
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>> if you look at what he said he did he clearly used, when he was a senior executive at cbs, he was clearly it seem like he was using his power and what he admitted to he was asking people offer dates that were subordinate to him and looking to pitch him movies and stuff. that is textbook . liz: retaliation. >> gas, retaliation, as well. the board has to look at what he must do and forget about the investigation into whether he did retaliate or did commit sexual abuse and assault which is part of what was in those allegations and look at what he admitted to but what he admitted to is not good. violative of company policy and policy. liz: if they fire him with cause then he does not get his money - >> i don't know. you don't know his contract's beauty. liz: what if he resigns before?
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>> 's iron contract is ironclad. i think of the patent matter what and i think they will pay him and his number two probably won't say there, as the company transitions to a sherry redstone run company. that's my projection. right now will be no now is the board's meeting and we know it serious and we know it will probably issue a statement and his future clearly hangs in the balance. liz: can we put up the picture? this is aaron spelling's long cohort and goldberg and he's been around forever and i see martha minogue, sherry redstone, three women and one of them is sherry redstone certainly does not - oh, we just got a statement. hold on one second. hold on. >> let's see it. liz: is a statement from cbs regularly scheduled board meeting.
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the board of directors is still in the process of selecting an outside counsel to conduct an independent investigation, no other action was taken on this matter at today's board meeting. no other action, charlie. the board determined to postpone cbs corporations 2018 annual meeting of stockholders that was previously scheduled - this is big. postponing the shareholder stockholder meeting. it supposed to be august 10 and the board will determine a new date for the meeting of stockholders and will publicly disclose the due date, time and location. the stock, the board approved a quarterly dividend - >> we see . liz: cbs at the moment, a political myself. it's down about 4%. >> and come back a little bit.
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liz: slightly. it's all over the place. >> it came up because they do not suspend les moonves. he's not suspended pending the investigation. liz: charlie, we have to run. we'll be right back. big breaking news on cbs. we will be back in moment for the down is down 148 points. . .
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♪ liz, going into the commercial break i told you that the dow was at session lows. it continues to be. we're down 158 points. the nasdaq down 1 is 1. lots of red on the screen -- 111. cbs is moving all over the place, we brought you the board released a statement saying in essence it will postpone its shareholder meeting which was supposed to be august 10th. right now cbs is down nearly 5%. low of the session was $50.91. we're at $51.43. we're off the lows. they apparently still to name a company or law firm to do an independent investigation into
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les moonves, the chairman who has been accused of sexual harrassment. let me get to the senior portfolio manager at ubs wealth management. we have a rough-and-tumble market today. what is at work here? >> we have had four days of a rough time with the nasdaq. we have to see what is going on with the change in leadership there. is a reevaluation of what technology means and what opportunities are and shift to leadership such as value. liz: wouldn't we continue to buy all the tech we've been buying? talk about the shift you see? >> certainly the problem is you have such promise in technology, artificial intelligence, robots, flying cars, things that instill such positivetivety. we have to figure out how to value that. liz: what are you telling clients to buy? >> we're looking shift to from technology to value. the relationship has been out of proportion. since 2002 it has not been this tie. assuming relationships is going
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up fast and economy is getting better. liz: glad you brought up interest rates. here is the closing bell. [closing bell rings] fed meets tomorrow for its two-day meeting. the stocks off session lows. our thanks to alan from ubs. >> the close stocks have been falling. weakness in technology again today. the dow down 143 as we close it out here. not far off of session lows. so it was rough in that last half hour or so. but down throughout the day. red for the s&p. the nasdaq has really an about the issue percentagewise. that is 1.4% decline. 107 points to the downside of the nasdaq. melissa: wow. >> wow indeed. i'm connell mcshane in for david asman. melissa: i'm melissa francis. this is "after the bell." we have more on the big market movers. here is what else we're covering this busy hour ahead. president trump wraps up a knew

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